Research

In creating fixed-income analytic models, Andrew Kalotay Associates draws upon pioneering research published by Dr. Kalotay and his associates over more than three decades. A member of the Fixed Income Analysts Society’s Hall of Fame, Dr. Kalotay’s innovations include the ratchet bond and ratchet mortgage; the Volatility Reduction Measure (for hedge effectiveness testing under FAS 133); and the concepts of refunding efficiency as applied to both corporate and municipal bonds and mortgages. He has authored or co-authored more than 50 journal articles on a wide range of topics. 

Mortgage-Backed Securities and Mortgages

Bond Valuation and Structuring

Debt Management

  • Calling and Refunding
  • Structured Transactions and Interest Rate Derivatives
  • Tax-Driven Transactions
  • Accounting and Regulatory Finance

Municipal Finance - For Academics

Municipal Finance - For Practitioners

Wealth Management

Consumer Finance

Innovations

 

 

Recent Research

Bond Analysis in Tax Denial

March 28, 2014 - Quant Forum

Interest Rate Sensitivity of Tax-Exempt Bonds Under Tax-Neutral Valuation

Journal Of Investment Management, Vol. 12, No. 1, (2014), pp. 62–68

Rising rates could cause more damage than you think. Read research article here. See also article in The Bond Buyer.

Kalotay Helps Massachusetts Create New Refunding Guidelines

The Commonwealth of Massachusetts Investor Program

Massachusetts has adopted more rigorous guidelines for bond refundings with the help of Andrew Kalotay Associates Inc. See The Bond Buyer article.

A Financial Analysis of Consumer Mortgage Decisions

Mortgage Bankers Association (June 2009)

With housing prices falling and mortgage rates near historic lows, many homeowners are tempted to take advantage of this by buying or refinancing. However, due the complexity of the mortgage market, despite all the available disclosures, many consumers are still left in the dark, and by not considering all the necessary facts, they often leaves thousands of dollars on the table.

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